Here's what Bradshaw's sources are telling him about the iWatch's development:

The company has begun hiring “aggressively” for the project in recent weeks, say people familiar with Apple’s plans for the wearable device, a move that shows it has stepped up development but which raises questions over the ability of its own engineers to develop wearable technology.

The report goes on to say that assuming Apple doesn't scrap the project, the iWatch probably won't launch until the end of 2014.

Speaking of hiring, Apple recently poached Paul Deneve, the former CEO of fashion house Yves Saint Laurent, as a vice president working on "special projects." Deneve reports directly to Apple CEO Tim Cook. The hire caused many to speculate that Deneve was brought on to help market wearable technology once Apple does release a product in the category.